Venturi Wealth Management LLC raised its stake in Genuine Parts (NYSE:GPC) by 14.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,700 shares of the specialty retailer’s stock after buying an additional 1,200 shares during the quarter. Venturi Wealth Management LLC’s holdings in Genuine Parts were worth $935,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the business. BlackRock Inc. grew its holdings in Genuine Parts by 8.8% in the 2nd quarter. BlackRock Inc. now owns 15,716,092 shares of the specialty retailer’s stock valued at $1,457,825,000 after buying an additional 1,273,864 shares in the last quarter. Vanguard Group Inc. grew its holdings in Genuine Parts by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 15,648,183 shares of the specialty retailer’s stock valued at $1,451,526,000 after buying an additional 218,851 shares in the last quarter. State Street Corp grew its holdings in Genuine Parts by 0.7% in the 2nd quarter. State Street Corp now owns 8,733,760 shares of the specialty retailer’s stock valued at $810,144,000 after buying an additional 61,398 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Genuine Parts by 0.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,180,911 shares of the specialty retailer’s stock valued at $683,552,000 after buying an additional 30,007 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in Genuine Parts by 44.6% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 3,758,715 shares of the specialty retailer’s stock valued at $361,034,000 after buying an additional 1,160,200 shares in the last quarter. Institutional investors own 76.03% of the company’s stock.
Genuine Parts (NYSE:GPC) traded down $0.44 during midday trading on Thursday, hitting $93.72. The stock had a trading volume of 1,343,700 shares, compared to its average volume of 853,515. The stock has a market cap of $13,805.13, a PE ratio of 20.69, a PEG ratio of 3.60 and a beta of 1.12. The company has a current ratio of 1.32, a quick ratio of 0.62 and a debt-to-equity ratio of 0.16. Genuine Parts has a fifty-two week low of $79.86 and a fifty-two week high of $100.90.
Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Thursday, October 19th. The specialty retailer reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.12). The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $4.10 billion. Genuine Parts had a return on equity of 20.49% and a net margin of 4.16%. The business’s revenue for the quarter was down 72.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.24 earnings per share. analysts expect that Genuine Parts will post 4.58 EPS for the current fiscal year.
Genuine Parts declared that its board has initiated a stock buyback program on Monday, August 21st that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be issued a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Thursday, December 7th. Genuine Parts’s dividend payout ratio is presently 60.40%.
GPC has been the subject of several analyst reports. Gabelli restated a “buy” rating on shares of Genuine Parts in a report on Friday, October 20th. Jefferies Group restated a “hold” rating and issued a $95.00 target price on shares of Genuine Parts in a report on Sunday, September 10th. Zacks Investment Research upgraded Genuine Parts from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. Royal Bank Of Canada lowered their price target on Genuine Parts from $98.00 to $95.00 and set a “sector perform” rating for the company in a report on Friday, October 20th. Finally, Moffett Nathanson started coverage on Genuine Parts in a report on Monday. They set a “sell” rating for the company. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $96.00.
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Genuine Parts Profile
Genuine Parts Company is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials. The Company’s segments include Automotive, Industrial, Office Products Group, Electrical/Electronic Materials and Other.
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